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Hedge Funds Keep Closing Down

Now BlackRock is winding down its Global Ascent Fund joining other hedge funds closing down.

BlackRock is winding down its Global Ascent Fund, a global macro hedge fund that once contained $4.6 billion in assets.

The BlackRock Global Ascent hedge fund has lost 9.4 percent this year and investors in the $1 billion fund were notified over the last week that it would be closed down, according to Dealbook. The hedge fund, which as recently as two years ago had $4.6 billion in assets under management is now almost completely cashed out, Dealbook reported.

The winding down of the Ascent fund is the second high-profile hedge fund closing in 24 hours. The Wall Street Journal reported Tuesday that Achievement Asset Management, a Chicago-based hedge fund, was closing.

It has been a perilous 12 months for the hedge fund industry, which has delivered financial-crisis-type performance despite there not being a financial crisis.

Numerous funds have fallen by the wayside, including the Fortress Investment Group macro fund led by Mike Novogratz.